Liabilities for a company include:

Liabilities for a company refer to its financial obligations or debts, which are essentially legal responsibilities to settle through the transfer of assets or services in the future. These obligations arise from past transactions or events and will typically require the company to pay cash, deliver goods, or provide services to settle them.

This means that recognizing liabilities is crucial for understanding a company's financial health, as they directly affect the balance sheet by determining the net worth when compared to assets. For instance, when a company borrows funds or incurs expenses, it creates liabilities. These must be settled within specified periods, linking them closely to future resource transfers.

On the other hand, assets owned by the company represent what the company possesses, while future profits and fixed costs pertain to income generation and operational expenses, respectively. Neither describes a liability, as they do not represent obligations owed by the company. Understanding this distinction helps clarify why obligations to transfer assets or services accurately captures the essence of what constitutes a liability in the context of financial statements.